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Prepare the closing entries

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Reference no: EM132132816

Question -

Sept. 1 - The Company sold shares of common stock for $30,000 cash.

Sept. 1 - The Company purchased a one-year insurance policy for $300 in cash.

Sept. 1 - The Company purchased office equipment costing $8,000 by signing a 6% note. The Equipment has a 5 year life and no salvage value. The note requires monthly principal payments of $225 beginning on October 1st until the balance is paid.

Sept. 10 - The Company purchased $735 of office supplies for cash.

Sept. 15 - The company paid legal and registration fees to register their trademark which is his nickname "Sanchize." The fees incurred totaled $4,000, which were paid in cash.

Sept. 29 - The Company billed customers $5,500 for consulting services performed.

Sept. 30 - The Company paid $1,450 for employee's salary.

Sept. 30 - Since the company had a good month so Sanchez declared a $1,000 dividend to be paid on October 10th.

On September 30th, the company took an inventory of the supplies and found that they had $500 of supplies on hand.

Equipment purchased before the 15th of the month are depreciated for a whole month using the straight-line method.

On October 3rd received the September utilities bill for $188.
Single-Step Income Statement, Retained Earnings Statement and a Classified Balance Sheet for his first month of operations.

Prepare the closing entries.

Reference no: EM132132816

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